5 Michael Burry Stocks Other Hedge Funds Like Too

In this article, we will discuss 5 Michael Burry stocks other hedge funds like too. If you want to explore similar stocks, you can also take a look at 15 Michael Burry Stocks Other Hedge Funds Like Too.

5. Expedia Group, Inc. (NASDAQ:EXPE)

Percentage of Scion Asset Management’s portfolio as of Q2 2023: 0.62%
Number of Hedge Fund Holders: 57

Expedia Group, Inc. (NASDAQ:EXPE) is an online travel company that operates through Retail B2B and trivago segments. Its lead brand is Brand Expedia, which offers full-service online travel services with localized websites and hotels for marketing and distributing lodging accommodations.

Expedia Group, Inc. (NASDAQ:EXPE) is up by about 6% for the year benefiting from strong consumer spending that is seeing most take trips abroad and in the domestic markets. Scion Asset Management held stakes worth $10.94 million as of the end of the second quarter, accounting for 0.62% of the portfolio.

According to a database of 910 hedge funds, Expedia Group, Inc. (NASDAQ:EXPE) was held by 57 of them. This means that about 6.3% of the hedge funds in the database had a stake in the online travel company. During the second quarter, the leading stakeholder of Expedia Group, Inc. (NASDAQ:EXPE) was Paul Reeder and Edward Shapiro’s PAR Capital Management, which owned a $371.93 million stake in the company.

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4. CVS Health Corporation (NYSE:CVS)

Percentage of Scion Asset Management’s portfolio as of Q2 2023: 0.39%
Number of Hedge Fund Holders: 66

CVS Health Corporation (NYSE:CVS) offers health services in the US that include traditional, voluntary, directed health insurance products and related services. The company serves employer groups, individuals, college students, government-sponsored plans, labor groups, and expatriates.

CVS Health Corporation (NYSE:CVS) sentiments took a hit in August after health insurer Blue Shield said it would drop the company’s Caremark pharmacy benefit manager to work with other companies, including Amazon. Scion Asset Management first bought stakes in the company in 2002. As of the second quarter, it held $6.91 million worth of stakes in the health insurer.

Insider Monkey’s database of 910 hedge funds shows that 66 hedge funds had stakes in CVS Health Corporation (NYSE:CVS). The biggest stakeholder of CVS Health Corporation (NYSE:CVS) was Two Sigma Advisors which had a $398.98 million stake in the company.

Here is what Coho Partners Relative Value Equity Fund said about CVS Health Corporation (NYSE:CVS) in its second quarter 2023 investor letter:

“In December of 2017, CVS Health Corporation (NYSE:CVS) agreed to buy Aetna, which broadened its offering by entering the managed care business. CVS has been moving its portfolio to a more value-based outcome model, and Aetna was a major move in that direction. We were willing to accept the leverage that came with the deal because CVS has a very cash generative model, and we anticipated the free cash flow would enable the company to de-lever fairly quickly…” (Click here to read the full text)

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3. Charter Communications, Inc. (NASDAQ:CHTR)

Percentage of Scion Asset Management’s portfolio as of Q2 2023: 0.52%
Number of Hedge Fund Holders: 67

Charter Communications, Inc. (NASDAQ:CHTR) operates broadband connectivity and cable services, serving residential and commercial customers in the US. It offers subscription-based internet video, mobile, and video services.

Charter Communications, Inc. (NASDAQ:CHTR) has been on an impressive run rallying by about 17% year to date. The run comes on improving underlying fundamentals. The company has reached an agreement with media giant The Walt Disney Company (NYSE:DIS) that will see the return of some networks to the Spectrum cable service before the start of the NFL.

The agreement is a big relief for Charter Communications, Inc. (NASDAQ:CHTR) as it tries to combat the so-called cord-cutting where people are increasingly ditching pay TV for streaming services.

Insider Monkey’s database of 910 hedge funds shows that 67 hedge funds out of the 910 funds had stakes in Charter Communications, Inc. (NASDAQ:CHTR). The biggest stakeholder of Charter Communications, Inc. (NASDAQ:CHTR) during this period was Nativism Global Asset Management’s Harris Associates, which owned a $1.98 billion stake in the company.

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2. Warner Bros. Discovery, Inc. (NASDAQ:WBD)

Percentage of Scion Asset Management’s portfolio as of Q2 2023: 0.27%
Number of Hedge Fund Holders: 67

Warner Bros. Discovery, Inc. (NASDAQ:WBD) is a media and entertainment company that produces and releases feature films for initial exhibitions in theatres. It also produces and licenses television programs to third parties and networks.

Warner Bros. Discovery, Inc. (NASDAQ:WBD) expects to take a hit of between $300 million and $500 million through the end of the year on the effects of writers and actors strikes. Consequently, it expects its adjusted earnings before interest, taxes, depreciation, and amortization to range between $10.5 billion and $11 billion.

As of the end of the second quarter of 2023, 67 hedge funds in Insider Monkey’s database of hedge funds had stakes in Warner Bros. Discovery, Inc. (NASDAQ:WBD), up from 63 in the previous quarter. It occupies the runner-up spot among the stock picks of Michael Burry that have found favor among fellow hedge funds.

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1. Cigna Corporation (NYSE:CI)

Percentage of Scion Asset Management’s portfolio as of Q2 2023: 0.44%
Number of Hedge Fund Holders: 74

Together with its subsidiaries, Cigna Corporation (NYSE:CI) provides insurance and related products. It runs Evernorth Health Services, offering various health services like pharmacy benefits, home delivery pharmacy, and specialty pharmacy.

Cigna Corporation (NYSE:CI) has announced an expansion to grow its Medicare Advantage business in 2024, marking the fifth consecutive year of such geographic extension. The company plans to introduce its MA plans across 25 counties. Scion Asset Management held $7.72 million worth of stakes on the company as of the second quarter accounting for 0.44% of its portfolio.

As of the end of the second quarter of 2023, 74 hedge funds out of the 910 funds in Insider Monkey’s database had stakes in Cigna Corporation (NYSE:CI). Larry Robbins’s Glenview Capital is the company’s largest stakeholder, with 2.07 million shares worth $579.59 million.

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